2018-9-24 17:36 |
The Bitcoin market is expectant. Though there were FOMO moments after Sep 21 spike, weekly gains are modest. Fact is, Bitcoin prices are up two percent in the last week. Though we retain a bullish forecast, our long term BTC price projection depends on last week’s bull confirmation. In line with our last Bitcoin price analysis, traders need a strong rally above the main resistance trend line at $7,200 to cement these bullish projections.
Bitcoin's Latest NewsWeiss Rating is as an independent rating agency founded in 1971 with offices in the US. In recent days, they have been all over social media but they took center stage after their Ethereum shill. Ethereum, as we know, relies on the same blockchain technology pioneered by Bitcoin. However, Ethereum bring more functionality by allowing smart contracting via a Turing complete platform. Smart contracts enable asset tokenization which in turn supports ICOs and development of censor resistant dApps. Despite the superiority, Bitcoin is the most valuable coin. Regardless, Weiss projection saw its dominance shrinking and Ethereum replacing it in the next five years. According to Weiss, Bitcoin dominance will end up below 20 percent as ETH true value eclipses that of Bitcoin. It’s upbeat but like everything else, time will tell. At the moment, Bitcoin is a market leader and with many institutional investors willing to sink their money into this pioneering crypto, many are expectant of further upsides.
In other news, investors are following ICE’s developments closely. With Bakkt, investors will have a regulated and safe platform to trade, store and even spend their coins. But, Bakkt operations depends on regulatory approval and that will be decided in November 2018. Coincidentally, that’s less than one month before the SEC comes out clean about their stand on Bitcoin ETFs.
Bitcoin (BTC) Price PredictionStill, a modest three percent week over week gain didn’t see prices breaking out of the descending wedge even as the masses talk about a resurgent crypto market. What this means is that our previous Bitcoin price prediction is valid despite last week’s bull bar rejecting dips below $6,000—our main support trend line. As mentioned, our trading plan is clear. Bitcoin prices are bottoming up after shedding more than 75 percent from 2017 peaks. To reiterate, BTC buyers must build enough momentum to propel prices above $6,800–$7,200 resistance level for bulls to be valid.
Going forward, we suggest short term, low-time frame buys with first targets at $7,200. Thereafter, addition of more long positions depends on how bulls react at Sep 2018 highs.
In the daily time frame, buy momentum is waning. Bitcoin prices are down two percent. A stand out though is the rejection of higher highs at the $6,800–$7,200 resistance level. From previous Bitcoin trade plans, a mini-surge triggering longs at $6,500 initiated short-term buys targeting $7,200. Needless to say, we maintain a bullish outlook. A retracement in days to come could present bull entry opportunities anywhere between $6,300 and $6,500 support. Depending on the depth of correction, fitting stops should be at $6,300 with first targets at $7,200—the upper limit of our resistance level.
Ethereum Classic, Cardano, Tron, Monero, Ethereum Price Analysis September 24th
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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